Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether she has made an assessment of the potential impact of the removal of the investment allowance on the amount of (a) oil and (b) gas extracted from the North Sea in the next five years.
Answered by James Murray - Exchequer Secretary (HM Treasury)
At Autumn Budget 2024 the government confirmed that from 1 November 2024, the Energy Profits Levy (EPL) rate would increase by 3 percentage points to 38%, the EPL investment allowance would be abolished and the EPL decarbonisation allowance rate would be adjusted to 66%. The government also confirmed an extension to the period the levy applies from 31 March 2029 until 31 March 2030. To support jobs in future and existing industries, the government decided to make no additional changes to the availability of capital allowances in the EPL.
The government has carefully considered the impact of the removal of the EPL’s investment allowance. HM Treasury publishes impacts in summary form for tax measures in tax information and impact notes (TIINs) alongside the Finance Bill. The summary of impacts from these changes to the EPL can be found here: https://www.gov.uk/government/publications/energy-profits-levy-reforms-2024
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will take steps with Cabinet colleagues to require the Bank of England to (a) take account of climate change in its mandates and (b) publish a timetable for doing this.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
Tackling climate change is a key part of this Government’s agenda, reflected in our Mission to make Britain a clean energy superpower. We recognise the significant risks posed by climate change to the financial system and wider economy, and are committed to transitioning the economy to Net Zero by 2050 and realising the growth potential of doing so.
In opposition, we set out our plans to reverse changes made by the previous Government to downgrade the importance of climate change in the Bank of England’s mandates. We remain committed to making this change and will do so in due course – the Government is required to issue new remit letters for the Bank of England’s Financial Policy Committee (FPC) and Monetary Policy Committee (MPC) each year.
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Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what estimate she has made of the potential impact of the ban on new oil and gas licences on taxation revenues to (a) 2030, (b) 2035, (c) 2040, (d) 2045 and (e) 2050.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The government will consult later this year on the implementation of its manifesto position not to issue new oil and gas licences to explore new fields.
Forecasts for oil and gas tax revenues are published by the Office for Budget Responsibility.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent estimate his Department has made of the amount of income tax that was lost due to tax fraud by builders in the repair, maintenance and improvement sector in the last 12 months.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
HM Revenue and Customs (HMRC) estimates the tax gap, which will encompass fraud, for all taxes including VAT, Corporation Tax and Income Tax. However, HMRC does not make a separate estimate of the amount of fraud within the tax gap nor is it not possible to subdivide these tax gap estimates into fraud by builders in the repair, maintenance and improvement sector in the last 12 months.
Tax gap estimates for VAT, Income Tax and Corporation Tax for tax year 2021-2022 are available in chapters 2, 4 and 5, respectively, of HMRC’s publication Measuring tax gaps 2023 edition. An illustrative breakdown of the tax gap by customer behaviour is available in chapter 7. This report is available at https://www.gov.uk/government/statistics/measuring-tax-gaps.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent estimate his Department has made of the amount of corporation tax that was lost due to tax fraud by builders in the repair, maintenance and improvement sector in the last 12 months.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
HM Revenue and Customs (HMRC) estimates the tax gap, which will encompass fraud, for all taxes including VAT, Corporation Tax and Income Tax. However, HMRC does not make a separate estimate of the amount of fraud within the tax gap nor is it not possible to subdivide these tax gap estimates into fraud by builders in the repair, maintenance and improvement sector in the last 12 months.
Tax gap estimates for VAT, Income Tax and Corporation Tax for tax year 2021-2022 are available in chapters 2, 4 and 5, respectively, of HMRC’s publication Measuring tax gaps 2023 edition. An illustrative breakdown of the tax gap by customer behaviour is available in chapter 7. This report is available at https://www.gov.uk/government/statistics/measuring-tax-gaps.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent estimate his Department has made of the amount of VAT that was lost due to tax fraud by builders in the repair, maintenance and improvement sector in the last 12 months.
Answered by Victoria Atkins - Shadow Secretary of State for Environment, Food and Rural Affairs
HM Revenue and Customs (HMRC) estimates the tax gap, which will encompass fraud, for all taxes including VAT, Corporation Tax and Income Tax. However, HMRC does not make a separate estimate of the amount of fraud within the tax gap nor is it not possible to subdivide these tax gap estimates into fraud by builders in the repair, maintenance and improvement sector in the last 12 months.
Tax gap estimates for VAT, Income Tax and Corporation Tax for tax year 2021-2022 are available in chapters 2, 4 and 5, respectively, of HMRC’s publication Measuring tax gaps 2023 edition. An illustrative breakdown of the tax gap by customer behaviour is available in chapter 7. This report is available at https://www.gov.uk/government/statistics/measuring-tax-gaps.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent steps his Department has taken to help support the financial services sector.
Answered by John Glen - Shadow Paymaster General
The Edinburgh Reforms, launched by the Chancellor on 9 December, take forward the government’s ambition for an open, sustainable, and technologically advanced financial services sector that is globally competitive and acts in the interests of communities and citizens across all four nations of the UK. These reforms build on the work the government is already taking forward through the Financial Services and Markets Bill and the reforms to Solvency II announced at the Autumn Statement.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what assessment he has made of the (a) efficiency of the Valuation Office Agency (VOA) and (b) potential merits of providing emergency payments to councils who face budgeting difficulties due to the time taken by the VOA to re-assess business rates.
Answered by David Gauke
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what discussions he has had with the European Commission and his counterparts from other EU member states on the taxation of e-cigarettes.
Answered by Priti Patel - Shadow Secretary of State for Foreign, Commonwealth and Development Affairs
There are not been any ministerial level discussions with the European Commission or other EU member states on the taxation of e-cigarettes.
Asked by: Mark Garnier (Conservative - Wyre Forest)
Question to the HM Treasury:
To ask Mr Chancellor of the Exchequer, what his policy is on proposals for EU-level harmonised taxation on e-cigarettes; and if he will make a statement.
Answered by Priti Patel - Shadow Secretary of State for Foreign, Commonwealth and Development Affairs
There are no proposals for EU-level harmonised tax treatment of e-cigarettes.